News
SALE & PURCHASE AGREEMENT IN RESPECT OF THE LEASEHOLD LAND AND FACTORY BUILDING IN PENANG, MALAYSIA
BackOct 22, 2010
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| Acquisitions and Disposals |
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| Description | Further to the announcement dated 4 May 2010, the Board of Directors of RH Petrogas Limited (the "Company") wishes to announce that its wholly-owned subsidiary, Trim Technologies (M) Sdn Bhd, has completed the disposal of the leasehold land known as PT 3245, Mukim 1 held under HSD 31801, Daerah Seberang Perai Tengah, Pulau Pinang together with a single storey detached factory building erected on it bearing postal address Plot 16, Lorong Jerawat 1, Seberang Jaya Industrial Park, 13700 Prai, Penang, Malaysia for an aggregate consideration of RM8,150,000 ("Disposal") pursuant to the terms and conditions set out in the Sale and Purchase Agreement dated 4 May 2010 with Pan-International Wire & Cable (Malaysia) Sdn Bhd. Paragraph 5 of the announcement made on 4 May 2010 stated that the remainder of the net proceeds from the Disposal was intended to be used as working capital for the Group to fund the existing operations. The Board of Directors of the Company wishes to announce that the remainder of the net proceeds from the Disposal will be used for partial repayment of shareholder loans in addition to working capital to fund the existing operations. BY ORDER OF THE BOARD Tan Sri Datuk Sir Tiong Hiew King Executive Chairman 22 October 2010 |
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